$35M housing project planned for Vincennes
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Knox County Indiana Economic Development on Monday announced plans for a $35 million apartment project designed to support talent attraction and retention in Vincennes.
Simplified Developments LLC, headquartered in the Gibson County town of Haubstadt, is developing the project, which is expected to bring 240 market-rate apartments to the city.
The project will feature apartment options ranging from one to three bedrooms between 1,000 and 1,200 square feet. The development will be located on Bierhouse Boulevard near U.S. 41.
Chris Pfaff, CEO of Knox County Indiana Economic Development, said the project comes at an opportune time as local demand for market-rate housing is high due to the expected workforce growth created by the $83 million AgroRenew bioplastics facility and other expansion efforts.
“Professionals and young families looking for a place to grow in Vincennes will find these new apartments to be a strong option,” Pfaff said in a news release. “This is a strong strategic match for the needs of the community and county.”
Plans for the project have been in the works for more than a year, officials said. The Indiana Finance Authority awarded $3.1 million last month to support residential infrastructure for the project.
The project has also received approval from the Vincennes Redevelopment Commission. The Vincennes City Council is expected to vote on tax abatement for the project within the next month.
“We are pleased that [Simplified Developments President] Phil [Reinbrecht] and his team are bringing their established experience to Vincennes and the region,” said Vincennes Mayor Joe Yochum. “Demand is high, and their housing product is excellent, so we expect this to boost the area’s economy and opportunities.”
Construction could begin late in the third quarter of 2024, and the first building could be ready for move-in the following year. Simplified Developments expects the entire project to be complete by 2026.